The company's revenue trajectory remains highly erratic, with sporadic milestone payments resulting in a net margin of -529.77% as of the most recent reporting period.
| Sales/Revenue | 10M | 13M | 7M | 5M |
| Revenue Growth % | - | 85.71% | 40% | - |
| Cost of Goods Sold | 724K | 0 | 1.29M | 1M |
| COGS % of Revenue | - | - | 18.39% | 20% |
| Gross Profit | 9.28M | 13M | 5.71M | 4M |
| Gross Margin % | 92.76% | 100% | 81.61% | 80% |
| Gross Profit Growth % | - | 127.55% | 42.83% | - |
| Operating Expenses | 99.27M | 94.07M | 75.73M | 41.85M |
| OpEx % of Revenue | - | 723.62% | 1081.8% | 837% |
| Selling, General & Admin | 22.64M | 20.03M | 11.48M | 9.85M |
| SG&A % of Revenue | - | 154.07% | 164.03% | 197.06% |
| Research & Development | 77M | 74.04M | 64.24M | 32M |
| R&D % of Revenue | - | 569.55% | 917.77% | 639.94% |
| Other Operating Expenses | -375K | 0 | 0 | 0 |
| Operating Income | -89.99M | -81.07M | -70.01M | -37.85M |
| Operating Margin % | -899.92% | -623.62% | -1000.19% | -757% |
| Operating Income Growth % | - | -15.79% | -84.97% | - |
| EBITDA | -88.63M | -79.68M | -68.73M | -36.85M |
| EBITDA Margin % | -886.31% | -612.94% | -981.8% | -737% |
| EBITDA Growth % | - | -15.94% | -86.5% | - |
| D&A (Non-Cash Add-back) | 1.36M | 1.39M | 1.29M | 1M |
| EBIT | -75.98M | -68.87M | -66.77M | -33.99M |
| Net Interest Income | 4.99M | 3.32M | 3.21M | 3.8M |
| Interest Income | 4.99M | 3.32M | 3.24M | 3.86M |
| Interest Expense | 3K | 0 | 34K | 58K |
| Other Income/Expense | 14.01M | 12.2M | 3.2M | 3.8M |
| Pretax Income | -75.99M | -68.87M | -66.81M | -34.05M |
| Pretax Margin % | -759.87% | -529.77% | -954.4% | -681.06% |
| Income Tax | 0 | 0 | 0 | 0 |
| Effective Tax Rate % | 0% | 0% | 0% | 0% |
| Net Income | -75.99M | -68.87M | -66.81M | -34.05M |
| Net Margin % | -759.87% | -529.77% | -954.4% | -681.06% |
| Net Income Growth % | - | -3.09% | -96.19% | - |
| Net Income (Continuing) | -75.99M | -68.87M | -66.81M | -34.05M |
| Discontinued Operations | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -2.26 | -2.18 | -2.27 | -1.13 |
| EPS Growth % | - | 3.96% | -100.89% | - |
| EPS (Basic) | - | -2.18 | -2.27 | -1.13 |
| Diluted Shares Outstanding | 33.67M | 31.52M | 30.08M | 30.08M |
| Basic Shares Outstanding | 33.67M | 31.52M | 30.08M | 30.08M |
| Dividend Payout Ratio | - | - | - | - |
Clinical milestone execution failure
As indicated by the company's financial history, Evommune's revenue trajectory remains highly erratic, characterized by sporadic milestone payments totaling $13 million over the trailing period rather than a consistent, recurring commercial revenue stream that would suggest long-term operational durability or predictable market penetration.
The absence of sustained revenue growth highlights the company's reliance on non-recurring licensing events, which are inherently difficult to forecast. Investors should monitor whether future clinical readouts can catalyze additional partnership agreements, as the current revenue profile lacks the organic volume growth typical of a maturing pharmaceutical entity.
Based on reported figures, Evommune maintains an aggressive cost structure dominated by research and development expenditures, which reached $20.4 million in 2025Q4 alone, reflecting the high-velocity capital requirements necessary to advance the Psybrary platform toward critical clinical milestones in a pre-commercial environment.
The concentration of spending in R&D underscores the firm's status as an IP incubator rather than a commercial operator. Management's expense discipline appears secondary to the urgent need for clinical progress, suggesting that cost management will remain a secondary priority until the lead assets reach a more advanced regulatory stage.
According to recent financial statements, the company's net margin of -529.77% highlights the significant disconnect between current licensing-based revenue and the substantial operating expenses required to sustain the business, indicating that reported net income is currently a function of aggressive R&D investment rather than operational efficiency.
The extreme negative margins are typical for early-stage biotech, yet they warrant investigation into the sustainability of the current burn rate. The lack of stock-based compensation in recent quarters suggests that the company is currently relying on cash-based equity financing to fund its operations, which may lead to further shareholder dilution.
As noted in the income statement data, the reliance on 100% gross margin licensing revenue creates a precarious financial narrative, as any delay in clinical development could lead to a total cessation of cash inflows while the high fixed-cost base continues to erode the company's liquidity.
Short-sellers may focus on the potential for a liquidity crunch if the company fails to secure new licensing deals before the current cash position is exhausted. The lack of a diversified revenue base makes the company exceptionally vulnerable to sector-specific downturns in biotech funding or regulatory setbacks regarding their lead neuroplastogen candidates.
Quick answers to the most common questions about buying EVMN stock.
For fiscal year 2025, Evommune, Inc. (EVMN) reported total revenue of $13.0M. This represents a 160.0% increase compared to $5.0M in 2023.
Evommune, Inc. (EVMN) reported a net loss of $68.9M for the fiscal year ending 2025.
Evommune, Inc. (EVMN) reported an operating income of $-81.1M, resulting in an operating profit margin of -623.6%. This margin reflects the operational efficiency of the business before interest and taxes.
Evommune, Inc. (EVMN) generated $13.0M in gross profit for the year, representing a gross profit margin of 100.0%. This demonstrates the company's core pricing power and production efficiency.